How Can AI Help Start-Ups?

Advantages of using AI in enterprises

AI is an increasingly common technology that imitates human intelligence to benefit users in a wide variety of ways. One area in which AI is becoming of utmost importance is startups We’re living in a technological age where AI and robotics are no longer just the stuff of theory and science fiction; they’ve become a reality. And they’re making visible, realtime changes to organisations all over the world. Startups, in their nascent stage, have only limited resources with

which to make their business work. It’s in these early, frugal stages that AI can come to their rescue. Here are five ways in which AI can help any startup make the most of its resources:

Helps Saving Cost

Organisations worldwide are spending more and more on the hiring of employees as well as on the care of their staff. According to various reports, US based organisations

have spent over $70 billion on their employees in the form of hiring, learning and development. Such expenditures could only be borne by those who already have an established financial base, which is not likely in the case of startups. With AI, however this cost can be greatly reduced. Many tasks can now be handled more cheaply and efficiently by the rapidly advancing technology of AI. That’s less money wasted on unnecessary human resources and more money for taking your startup to the next level of success.

Saves Time

As mentioned above, there are many time-intensive tasks in any organisation that may not require human input. Many of these tasks can easily be done by a machine or a robot, freeing up human resources to utilise their time on more appropriate tasks. This not only saves money, it also saves time. And time is a valuable resource when you’re trying to build the next big thing.

Can Reduce Errors

Though there are many tasks in which AI cannot match the human touch, there are certainly many areas in which human errors are inevitable - and costly. In areas like finance and accounting, technology has been proven to be more accurate and efficient than humans. Human errors in financial record keeping due to office distractions, illness or a host of other uncontrollable factors can be fatal to any organisation. If a startup wants to accurately and efficiently represent its financial wellbeing, AI is a must-use technology.

Enables Scalable Emotional Analysis

For any business idea to succeed, it’s important to gauge how well your customers are responding to it. This can be done in the form of “sentiment analysis,” and AI can be designed with algorithms specifically for that purpose. With AI, businesses can use surveys to more easily and accurately understand the general viewpoint of customers on specific topics, products or services. Thanks to AI, startups can predict the human behaviour towards their product or service and plan their next moves accordingly.

Can Improve Customer Service

Finally, no business can grow if they don’t keep their customers happy. Customer service is the most important aspect of any organisation, and AI is revolutionising the customer service segment extensively. With the advent of chatbots, organizations can be sure that no customer goes unattended or unanswered and that their queries are resolved in the least possible time. AI allows customers to share their problems and get a real-time resolution.

Any startup that wishes to reach the pinnacle of success must be aware of current trends and technology and use that knowledge to their best advantage. Today, technology is an increasingly indispensable factor in the success of any organisation. The full potential of AI is yet to be explored, but one thing is certain; those who most effectively leverage its capabilities are sure to have a leg up on the competition.

MANY TASKS CAN NOW BE HANDLED MORE CHEAPLY AND EFFICIENTLY BY THE RAPIDLY ADVANCING TECHNOLOGY OF AI — Sachin Dev Duggal, Founder & CEO, Engineer.ai